Week 25 Market Roundup — Shitcoin vs Bitcoin vs S&P 500, Re-Accumulation or Distribution?

S&P 500 futures (ES) hit the point & figure target 2938–3042 as specified in my Week 24 Market Round up posted last Sunday, created a swing low at 2923 followed by a rally tested the sell off bar on 11 Jun 2020. A trading range between 2923–3230 was formed as shown below. The uptrend since the March bottom has been stopped temporarily.

So, is this trading range a re-accumulation or distribution? Based on the price action so far, it is too early to make a judgment. However, the analog based on the cryptocurrencies like Bitcoin and Shitcoin (yes, you are reading this correctly) does not look bearish yet, suggested a trading range.

The order of the chart from the top is Shitcoin Index Perpetual Futures, S&P 500 E-mini Futures and Bitcoin (Bitfinex).

The idea of using the cryptocurrencies as analog for S&P 500 is because of the price movement is in congruent with the S&P 500 and cryptocurrencies are speculation in nature so it is suitable for assessment for risk-on or risk-off mode. Shitcoin Index Perpetual Futures consists of a basket of low market cap coins, which is why it is a…